Review of Scottish Widows Life Insurance

Scottish Widows Life Insurance has been around for over 200 years. They were awarded a Defaqto 5 stars rating in 2017. And currently service over 6 million customers. Scottish Widows Insurance offers Term a Whole of Life Covers as well as Critical Illness cover that can accompany a Term policy or be sold as a stand-alone. You can purchase a Life Cover policy directly, all others would need to be purchased through a financial adviser.

It is important to understand your insurance provider, in order to learn more about this company read our Scottish Widows Life Insurance review below.

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Pros
  • Ability to place payout into a Trust
  • Accidental Death Cover between the time of application and approval/denial
Cons
  • Not all Critical Illnesses are covered.
  • Only sold through Financial Advisers

Insurance Options: Our Honest Breakdown

Scottish Widows Life Insurance provides term and whole of life insurance. Critical Illness cover is available stand-alone or part of a term life policy.

The minimum age you can apply for a policy is age 18, and the maximum age you can apply for varies by policy. Premiums are determined by amount of cover, age, health, and smokers status.

Term policies have a Terminal Illness cover and will pay out if life expectancy is less than 12 months. You must let Scottish Widows Insurance know about the diagnosis before the policy term ends. Once a terminal illness claim is paid out the policy will end.

You have to be habitually resident in the UK (excluding the Channel Islands and the Isle of Man), and have a UK bank account to apply for coverage.

Life Cover

Scottish Widows Life Insurance Cover pays a lump sum in the event of death or diagnosis of a terminal illness such as cancer during the term of your policy. You can choose a level, decreasing or increasing basis. The minimum coverage amount is £25,000 and has a Level and Decreasing term max of £25 million and £15 Million for an Increasing term.

If this is a joint policy, Scottish Widows Life Insurance pays out on the first claim accepted and the policy ends. Maximum age for cover is 79.

Whole of Life Cover

Scottish Widows Insurance; Whole of Life pays out a lump sum in the event of death. You have a choice of level or increasing basis and does not offer any terminal illness cover Minimum amount of cover is £25,000 and has a maximum cover of £25 million for a level term and £15 million for increasing term.

If the policy covers two people, it pays out when the second person dies. Maximum age for cover is 83.

Life with Critical Illness Cover

Scottish Widows Life Insurance offers Life Cover with Critical Illness Cover. It pays out a lump sum if you die during the term of your policy. It will also pay out if you are diagnosed with a critical illness, diagnosed with a terminal illness. You can choose a level, decreasing or increasing basis. The minimum amount of cover is £25,000 and has a maximum cover of £3,000,000.

If this is a joint policy it pays out on the first claim accepted and the policy ends. Maximum age for cover is 64.

Critical Illness Cover

Life Critical Illness Cover will pay out a lump sum in the event of a diagnosed critical illness during the policy term. You can choose a level, decreasing or increasing term with Scottish Widows Life Insurance. The minimum coverage amount is £25,000 and a maximum cover of £3,000,000.

Children’s critical illness policy covers any child from birth until 22 years of age and survives for 14 days after diagnosis. Payout of Children’s cover will not affect the policy holder’s benefit.

If this is a joint policy, Scottish Widows insurance pays out on the first claim accepted and the policy ends. Maximum age for cover is 64.

Scottish Widows in a Summary

Other Scottish Widows Life Insurance Options Available

Life Cover Buyback Option: This option is available on a Life with Critical Illness Cover policy. It must be selected at the beginning of the policy. There is an additional cost for this.

It allows you to ‘buy back’ your life cover after a critical illness claim is settled. You must notify us within 3 months of the claim. Your new policy will start 12 months after your critical illness claim was settled.

You will not have to answer any additional medical questions. Your premiums with Scottish Widows Insurance will be based on you were paying when your critical illness claim was settled

Free Cover: Scottish Widows Life offers an Accidental Death cover while during your application process for Life Cover, Life with Critical Illness Cover, or Whole of Life Cover. This benefit is free of charge.

Scottish Widows Life Insurance also offers a mortgage cover while your application is under consideration for Whole of Life Cover, Life Cover, and Life with Critical Illness Cover or Critical Illness Cover. This benefit is free of charge.

Premium Protection: This feature protects premiums if you become ill, become disabled, or an accident and unable to work. After 26 weeks, we will start to pay your premiums. Scottish Widows Insurance will continue to do so until you return to work, reach age 70 or the policy ends. It must be selected at the policy outset and can be removed at any time. There is an added premium for this benefit. The maximum age for this benefit is 60.

Children’s life cover (with CIC or Life with CIC): We’ll payout if your dies after the age of 30 days and before age 22 years. The cash sum is limited to £5,000. Any claim made for a child will not affect the cover amount. Children’s life cover can be paid in addition to children’s critical illness cover.

Guaranteed Insurability Options: If you have a qualifying event you can increase your sum assured during the term of your policy with Scottish Widows Life Insurance, without further underwriting.

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PureCover.co.uk has given you a Scottish Widows Life Insurance review, answering all the relevant questions and concerns. If you found it helpful and informative, make sure to take your free quote now!